Sanchez and Sayles were partners with capital account balances of $90,000 and $110,000, respectively. Louis...
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Accounting
Sanchez and Sayles were partners with capital account balances of $90,000 and $110,000, respectively. Louis directly paid $36,000 to Sanchez and $42,000 to Sayles for 25% of their interests in the partnership. Sanchez and Sayles shared income in the ratio of 2:3. They believed that revaluation of the partnership was appropriate when a new partner was admitted.
Required: Prepare the journal entries to record the admission of Louis to the partnership.
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